recent weakness has not been isolated to crypto markets and therefore is not indicative of sector-specific capitulation, Coinbase said in a research report Friday.
“What leaves us optimistic in this pullback is that BTC’s maximum drawdown from peak is at 23%, below its historical range,” analysts David Han and David Duong wrote. While inflows of overseas ETFs may not be as large as those seen in the U.S., “we think they represent an important signal for regulatory engagement with the asset class globally,” the report said.
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